This week's update -
Timed the ignition, poked and cleaned the fuel cap vent hole. It did seem a bit clogged with rust. Can't see the other hole of course, so can't tell about the overall behavior.
Took it for a ride on local roads and it was running well... until it didn't. Blew a 20 amp fuse, all stop. On the roadside I tried replacing the fuse and it sparked and blew instantly. This is with the ignition switch off, so the only thing connected to the battery is the voltage regulator (35 amp Shindengen FH020AA). Disconnected the output wire from the regulator and a new fuse didn't blow. The Shorai and TriSpark EI got me home on total loss battery power.
To add insult to injury, it started raining hard while I was troubleshooting on the roadside. It was not a fun day.
This POS is really starting to piss me off. I think I need a new gremlin bell, the one I have just isn't working.